International Oil and Gas Markets

 

Instructor:

Garanina Olga, Associate Professor, Department of Strategic and International Management, Graduate School of Management, St.Petersburg University

E-mail: o.garanina@gsom.pu.ru

Workload:

6 ECTS

45 contact hours

Prerequisites:

No

Course Description:

The course aims to familiarize the students with major trends in the international oil and gas markets and with key business related issues in the global oil and gas industry. It discusses market fundamentals with particular emphasis on recent challenges raised by exploration of unconventional energy resources. The course builds understanding of investment decisions in hydrocarbon exploration and production projects as well as organization of trade in oil and natural gas at global and regional scale. It concludes by analyzing challenges of international cooperation for energy security.

Upon completion of the course, the students should: gain basic knowledge and key concepts related to energy supply and demand, oil and gas industry structure and pricing; gain understanding of major trends in oil and gas markets, as well as related risks and uncertainties; critically reflect on strategic decisions of energy companies and value creation in oil and gas industry.

Course Content (Topics and subtopics):

Introduction

Topic 1. Global trends in oil and gas markets
Topic 2. Unconventional hydrocarbon resources
Topic 3. Energy companies: objectives and strategies
Topic 4. Upstream petroleum agreements
Topic 5. Developing oil and gas projects and investment decisions
Topic 6. Oil markets and pricing
Topic 7. Natural gas markets and pricing
Conclusion. Energy security and energy governance

Course Organization:

Lectures, seminars, case studies, group work, exercises, home and class discussion and assignments

Course Reading (the full list):

Core reading:

  • Inkpen A., Moffet M. (2011). Global Oil and Gas Industry: Management, Strategy and Finance. PenWell.
  • Cases (The Case Centre collection), to be distributed in class

Supplementary reading:

  • Henderson J., Grushevenko E. (2017) Russian Oil Production Outlook to 2020. Oxford Institute for Energy Studies. Energy Insight: 3.
  • Henderson J., Mitrova T. (2015) The Political and Commercial Dynamics of Russia’s Gas Export Strategy. Oxford Institute for Energy Studies. NG 102.
  • Hirst N., Froggatt A. The Reform of Global Energy Governance. Grantham Institute For Climate Change Discussion Paper No 3, December 2012. 
  • IEA (2014). Energy Policies Beyond IEA Countries: Russia 2014. OECD/IEA.
  • IEA (2016). World Energy Outlook 2015. OECD/IEA.
  • Johnston D. International Petroleum Fiscal System Design and Analysis. In Simkins B., Simkins R (eds). Energy Finance and Economics: Analysis and Valuation, Risk Management, and the Future of Energy. Kold series in Finance. John Wiley and sons, 2013. (Chapter 12, pp. 269-312)
  • Leidos (2014) Global Natural Gas Markets Overview: A Report Prepared by Leidos, Inc., Under Contract to EIA. Working Paper Series, August. 
  • Putting a Price on Energy: Oil Pricing Update. (2011). Energy Charter Secretariat. 
  • Stevens P. (2016) International Oil Companies The Death of the Old Business Model. Research Paper. Chatham House. The Royal Institute of International relations.

Exam format:

In-class, 90 minutes.

Grading Policy (% or points):

Course progress – 50 %, exam – 50 %.
In class tests, group and individual exercises, group project.

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